Can someone guide me as to how can IIS Shared Configuration be utilized in a farm scenario for SharePoint. Is it advisable to replicate IIS configuration between different web servers that are hosting SharePoint sites? I have not used it before but wish to know possible merits and demerits of using a shared configuration for IIS web servers for a SharePoint farm.
I seriously doubt you want to do anything to the IIS Configuration for SharePoint sites, as the Central Admin service looks after the IIS settings and the replication of those across all your servers.
Any changes you do will probably be overwritten by a future service pack or other update, and may also introduce instability in current and future versions.
If you turn on the Microsoft SharePoint Foundation Web Application, SharePoint will automatically provision the IIS sites and Application Pools for your SharePoint Web Apps.